British Airways faces escalating bill over IT nightmare as questions build for cost-cutting chief executive Alex Cruz May 29, 2017 British Airways is facing a sky-high bill for its global IT meltdown that resulted in hundreds of flights cancelled over the bank holiday weekend. A power failure on Saturday resulted in mass flight cancellations across London Heathrow and Gatwick airports, causing chaos for 75,000 passengers. Read more: Global IT meltdown prompts British Airways Heathrow, Gatwick [...]
AkzoNobel triumphs over activist investor Elliott Advisors in Dutch legal battle May 29, 2017 Dutch paints firm AkzoNobel has scored a legal victory over activist investor Elliott Advisors as it fends off an unwanted US takeover approach. A Netherlands court ruled that Akzo, which makes Dulux paint, was not required to hold an extraordinary shareholder meeting requested by investors including Elliott. The hedge fund is leading an investor charge [...]
Former world No1 Tiger Woods arrested on suspicion of drink driving May 29, 2017 The career of former world No1 Tiger Woods has taken another twist after the 14-time Major winner was arrested on suspicion of driving under the influence of alcohol in Florida on Monday. Police have confirmed that Woods, who has not played professionally since February, was taken into custody close to his home on Jupiter Island [...]
Home secretary Amber Rudd denies she wanted an encryption ban and says progress is being made with tech giants May 28, 2017 Home secretary Amber Rudd has denied she suggested an encryption ban, and said the government was making “good progress” with firms using end-to-end encryption. In March, Rudd came in for criticism after saying end-to-end encryption on messaging apps like WhatsApp and iMessage was “completely unacceptable”. Read more: WhatsApp encryption is “completely unacceptable” warns home secretary [...]
Epiris proves its strength as a standalone private equity manager as split with Electra approaches May 25, 2017 Private equity manager Epiris has cemented its position as a strong standalone player, as its final split with listed investment trust Electra Private Equity (EPE) approaches. EPE, which used to count Epiris as its exclusive manager before effectively sacking it last year, has released its results for the first half of 2017 – a period [...]
Cashless society? Debit cards will overtake cash much sooner than expected with the rise of contactless May 25, 2017 The rising popularity of using contactless in the UK means we might just be heading for a cashless society sooner than we thought. New figures reveal debit cards are set to overtake the use of cash next year – three years earlier than experts had previously predicted. Read more: Forget contactless, train tickets could soon [...]
Mongolia receives $5.5bn IMF bailout as central Asian economy tries to fight back from commodity price shock May 25, 2017 Mongolia has received the go-ahead on a $5.5bn bailout from the International Monetary Fund (IMF) as the commodity-rich country tries to shore up its crisis-ridden economy. The central Asian country agreed a wide range of structural reforms to its economy in exchange for the payout, the IMF said. This includes cuts to government spending, instituting [...]
From surviving to thriving: Why the mental health of your employees matters May 25, 2017 Following Mental Health Awareness Week earlier in May, my thoughts turned to this year’s theme: surviving or thriving. The theme marks a turning point in our approach, shifting from mental ill-health to exploring how we can cultivate emotional and mental resilience. Many people will experience difficulty in their lives. Across Europe, one in four people [...]
Long-awaited FX global code of conduct is released, but does not ban controversial “last look” practice May 25, 2017 A further attempt to clean up the tarnished reputation of the FX market was launched today, with the release of a global code of conduct establishing common guidelines for good practice. Developed under the supervision of the Bank of International Settlements by the Foreign Exchange Working Group (FXWG), consisting of 16 major central banks, the [...]
Chief executives must do more to adapt their companies to the working practices of tomorrow May 25, 2017 Most chief executives and other C-suites in the City must admit they’ve fallen behind the fast-moving digital curve – and catching up could be the most important challenge they have ever faced. Incumbency offers the shakiest of foundations as startups and challengers disrupt the landscape through rapid implementation of new technologies and ideas, attracting the [...]